Parkway Corporation Announces Acquisition in Chattanooga

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Jan 22, 2024, 15:00 ET

PHILADELPHIA, Jan. 22, 2024 /PRNewswire/ -- Parkway Corporation, a real estate developer, investor, and best-in-class parking operator, is pleased to announce the acquisition of a 109-space parking lot located at 818 Broad Street in Chattanooga, Tennessee. A Parkway affiliate, Parkway U.S. Land Carry Fund I, LP completed the acquisition.

The surface lot is in the center of Downtown Chattanooga, and is directly across the street from Miller Plaza, The Read House Hotel, and is in close proximity to the Tivoli Theater, the Tennessee Aquarium, numerous bars, restaurants, office buildings, and other attractions. The acquisition is the Fund's seventh purchase as part of its national strategy.

"We're excited to acquire our first property in beautiful, scenic Chattanooga," said Robert Zuritsky, President and CEO of Parkway Corporation. "The city and region have seen significant population growth, as people are attracted to the high quality of life and affordable cost of living Chattanooga offers at a key junction in the Southeast halfway between Nashville and Atlanta. We believe this site will be an important contributor to Downtown Chattanooga's continued revitalization."

Parkway U.S. Land Carry Fund I, LP was established to make acquisitions in primary, secondary, and tertiary markets that have mature or emerging paid‐parking characteristics, a multiplicity of parking demand generators, and demonstrable economic momentum and business growth. This platform is focused on acquiring surface parking lot facilities that have current operating cash flows where a higher or better use may be achievable over a longer time horizon. The Fund partners with local real estate brokers and parking industry experts to identify high quality locations for acquisition.

About Parkway Corporation
Parkway is a full-service real estate developer, investor, and operator with deep expertise in property and parking management. Founded and headquartered in Philadelphia, Parkway Corporation has been an industry leader for over 100 years in combining operational excellence and innovative technology to deliver exceptional products and customer experiences. More information about the company is available at www.parkwaycorp.com or connect with us on Facebook, LinkedIn, and Instagram.

Contact:
Sara McGovern, Slice Communications
[email protected]
610-914-5977

SOURCE Parkway Corporation